Edison Investment Research

KEFI Minerals (KEFI); announces launch of Tulu Kapi Gold Project

KEFI subsidiary Tulu Kapi Gold Mines Share Company (TKGM) has launched the company’s Tulu Kapi Gold Project with its Ethiopian private and public sector partners. Presently, the project has two alternative project infrastructure finance proposals to consider, the long-standing bond-lease based proposal and a conventional bank-project finance proposal from African banks.

Record (REC); H120 results – slightly ahead of expectation and positive outlook

The assets under management equivalent (AUME) figure of $59.9bn for the end of September had already been reported in an October update and was 4.6% ahead of the March year-end level (in sterling terms the advance was 10.6%)

The assets under management equivalent (AUME) figure of $59.9bn for the end of September had already been reported in an October update and was 4.6% ahead of the March year-end level (in sterling terms the advance was 10.6%). Most of the increase was accounted for by net inflows of $2bn and the main element within this was passive hedging mandates. Based on reported quarter-end figures, we calculate that sterling-denominated average AUME was only marginally lower in H120 than in H119. The client count increased from 65 to 70 in the period.

Globalworth Real Estate Investments (GWI); announces purchase of own shares

Globalworth Real Estate announced that on 21 November 2019 it purchased 500,000 ordinary shares of no-par value in the company at €9.10 per share

Globalworth Real Estate announced that on 21 November 2019 it purchased 500,000 ordinary shares of no-par value in the company at €9.10 per share. Following the purchase, Globalworth holds 500,777 ordinary shares in treasury. The total number of ordinary shares in issue, excluding shares held as treasury shares, is 221,906,310.

Brady (BRY); enters into a £5.0m loan agreement with Hanover Acquisition

Brady has entered into an uncommitted secured loan agreement for a total facility amount of £5.0m with its Hanover Acquisition. Its subsidiary, Brady Trading, aims to immediately draw down £3.0m under the facility, using the proceeds to refinance the existing Brady Trading and Brady Credit Trading £3.0m facility

Brady Trading has agreed to meet the costs and expenses incurred by Hanover not exceeding £25,000. Such expenses to be paid by Brady Trading within 30 days of the date of the facility.

Princess Private Equity Holding (PEY); release Q3 2019 interim report

Princess Private Equity Holding published its interim report for the nine-month period ended 30 September 2019. It reported a share price total return of +19.1% over the same period. The company intends to distribute 5-8% of opening NAV per annum. According to the company, valuation developments (+17.2% YTD) were the key driver of NAV growth. Investments in Permotio, Action, Foncia and KinderCare were the largest contributors to NAV growth during Q3 2019.

Euromoney Institutional Investor (ERM); Posts strong underlying profit growth

The Euromoney figures are pretty much as expected, with Pricing, Data & Market Intelligence making good headway and Asset Management continuing to experience tough markets. No new news today in the Asset Management disposal – we had it confirmed earlier this month that it would be accounted for a discontinued business at this stage.

Marble Point Loan Financing (MPLF); closes credit agreement with City National Bank

Marble Point Loan Financing has closed a credit agreement with City National Bank, establishing a revolving credit facility of up to US$12,500,000 on 20 November 2019.

Chemring Group (CHG); agrees to sell US subsidiary for $17m

With this sale, the group will exit its commoditised energetics businesses.

Chemring today announced that it has agreed to sell its US subsidiary Chemring Ordance to Nammo Defense Systems for a cash consideration of $17m. The company expects to complete the sale no later than the end of Q2 2020, subject to receiving regulatory approval by the US authorities.

Princess Private Equity Holding (PEY); release Q3 2019 interim report

Princess Private Equity Holding published its interim report for the nine-month period ended 30 September 2019. It reported a share price total return of +19.1% over the same period. The company maintains its objective to distribute 5-8% of opening NAV per annum.

Polypipe Group (PLP); revenue up 4.3% to £381.7m

Polypipe Group announced an update on trading for the 10 months ended 31 October 2019. Operating margins were 30 bps higher driven by margin-accretive acquisitions and strong cost controls. The company remains highly cash-generative and the long-term fundamentals of its markets remain robust. Revenue was 0.6% lower than the previous year on a reported basis after benefitting from a good H1 performance.